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Printable Page Headline News   Return to Menu - Page 1 2 3 5 6 7 8 13
 
 
S&P Sees 4th Record High in Five Days  08/29 16:13

   The Standard & Poor's 500 index delivered its fourth record high in five 
days Friday, ending with the biggest monthly gain since February.

   (AP) -- The Standard & Poor's 500 index delivered its fourth record high in 
five days Friday, ending with the biggest monthly gain since February.

   The milestone-crushing run capped a week when the S&P eclipsed the 
2,000-point mark for the first time. And the index ended August with a gain of 
3.7 percent.

   Six months of solid job gains, strong company earnings and a bevy of 
corporate deal news contributed to the rally, part of a bull market that's been 
rumbling on for more than five years.

   The market appeared ready for a correction at the end of July, but the 
downturn didn't last long. For most of August, stocks have managed to shake off 
geopolitical conflicts from Ukraine to Gaza and Iraq.

   "The market has a good underlying tone," said Mike Levine, portfolio manager 
of Oppenheimer Equity Income Fund. "People feel like the economy is gaining 
some strength and the job market is getting better and corporate earnings 
should be pretty good."

   Even in a quiet day of trading ahead of the Labor Day holiday, stocks eked 
out a gain.

   The indexes opened higher, but eased soon after, as investors digested news 
that consumer spending fell and income growth slowed in July.

   Traders also had their eye on the conflict in Ukraine, as a group of 
European Union foreign ministers accused Russia of invading the eastern region 
of the country and said Moscow should be punished with more economic sanctions.

   The markets began to recoup some losses by midmorning, however, when a gauge 
of consumer sentiment indicated greater optimism in August, particularly among 
higher-income groups. Some better-than-expected company earnings also lifted 
stocks.

   Overall, the indexes wavered between small gains and losses throughout the 
afternoon.

   "We're seeing a listless, pre-holiday market," said Drew Wilson, an 
investment analyst at Fenimore Asset Management.

   The S&P 500 index finished up 6.63 points, or 0.3 percent, to 2,003.37.

   The S&P 500 closed above 2,000 for the first time on Tuesday and has gained 
8.4 percent this year.

   The Dow Jones industrial average gained 18.88 points, or 0.1 percent, to 
17,098.45.

   The Nasdaq composite added 22.58 points, or 0.5 percent, to 4,580.27.

   Stocks rose broadly, with all 10 sectors in the S&P 500 index higher for the 
day, led by utilities.

   The gains marked the index's best August since 2000.

   "It's been a good August," said Linda Duessel, senior equity market 
strategist at Federated Investors. "I imagine it's the end of the month and 
people closing their books are saying 'I better show I'm invested, we had a 
brand-new high this week,'" she said.

   Nevertheless, some investors may be more hesitant next month.

   September is widely considered the stock market's worst month.

   Since World War II, the S&P 500 index has ended the month with a loss half 
of the time. Recently, however, September has been good to investors. The S&P 
500 has turned in a September loss just twice in the last decade: in the depths 
of the financial crisis in 2008 and following a fight over raising the 
government's borrowing limit in 2011.

   Last September, investors saw an array of threats lined up after Labor Day, 
including a fight over the federal budget and a possible U.S. attack on Syria. 
The result? The S&P 500 gained 3 percent.

   Elsewhere in the markets, bond prices were little changed. The yield on the 
10-year Treasury note held at 2.34 percent.

   In metals trading, gold slipped $3 to $1,287.40 an ounce, silver fell 14 
cents to $19.40 an ounce and rose a penny to $3.14 a pound.

   The price of oil rose for the fourth day in a row on concerns about the 
escalating tensions between Ukraine and Russia, the biggest oil exporter 
outside of OPEC. Benchmark U.S. crude rose $1.41 to close at $95.96 a barrel. 
Brent crude, a benchmark for international oils used by many U.S. refineries, 
rose 73 cents to close at $103.19. Wholesale gasoline rose 3 cents to close at 
$2.783 a gallon. Natural gas rose 2.1 cents to close at $4.065 per 1,000 cubic 
feet.

   Among the stocks making big moves Friday:

   --- Avago Technologies, which makes semiconductors used in smartphones, 
computer servers and other devices surged $5.73, or 7.5 percent, to $82.09. The 
big gain came after the company reported earnings that beat analysts' 
estimates. Avago rose the most in the S&P 500 index and touched an all-time 
high.

   --- Splunk soared 19.1 percent after the data management software developer 
reported earnings late Thursday that beat expectations. It also raised its 
full-year profit and revenue estimates. The stock gained $8.64 to $53.93.

   --- Tesla Motors and a state-owned Chinese phone carrier announced plans 
Friday to build 400 charging stations for electric cars in a bid to promote 
adoption of the technology in China. Tesla increased $5.84, or 2.2 percent, to 
$269.70.


(KA)


 
 
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